Fannie Mae Revivalist

The Obama Administration tries again to turn on Fan's easy money spigots.

Updated Oct. 31, 2013 6:37 p.m. ET

The Obama Administration has tried for years to oust career employee Edward DeMarco from the helm of the Federal Housing Finance Agency (FHFA), the chief regulator for Fannie Mae and Freddie Mac. The idea is to get a loyalist in charge who is more willing to take political orders. The latest White House nominee is coming up for a Senate vote as early as Thursday, and Republicans have good reasons to block him.

President Obama wants North Carolina Congressman Mel Watt to run the FHFA, an obscure institution with enormous...